Real estate trust and investment funds (REITs) are an important means of real estate securitization. Real estate securitization is a financial transaction process that directly transforms illiquid non-securities real estate investment into securities assets in the capital market. Real estate securitization includes two basic forms: real estate project financing securitization and real estate mortgage securitization.

REITs first appeared in the United States in the early 1960s, and were founded by the U.S. Congress, aiming at allowing small and medium-sized investors to participate in the real estate market with a low threshold, and gain the benefits brought by real estate market transactions, rents and appreciation. In Asia, REITs first appeared in Japan. Because there are many real estate companies in Japan, the market in Japan is very large.